Mind Your Own Business Act of 2021 This bill requires a large publicly traded company, as a condition of being listed on a national securities exchange, to establish in the company's articles of incorporation or bylaws certain duties and procedures regarding a claim against a corporate defendant for breach of fiduciary duty resulting from a material action. A material action taken by a corporate actor covered by this bill includes an action taken primarily in response to a state law, state regulation, or state legislation relating to the manner in which elections are conducted in the state, protecting religious freedom, or limiting the availability of abortion services; an action to promote certain social issues; or other actions unrelated to the company's pecuniary interest. Actions not covered by this bill include charitable contributions, certain exercises of religion, activity related to national security, and the limitation of business with certain nations and entities.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Finance and Financial Sector
AbortionAdministrative law and regulatory proceduresBusiness ethicsCivil actions and liabilityCorporate finance and managementElections, voting, political campaign regulationFinancial services and investmentsReligionSecuritiesSecurities and Exchange Commission (SEC)State and local government operations
Mind Your Own Business Act of 2021
USA117th CongressS-2829| Senate
| Updated: 9/23/2021
Mind Your Own Business Act of 2021 This bill requires a large publicly traded company, as a condition of being listed on a national securities exchange, to establish in the company's articles of incorporation or bylaws certain duties and procedures regarding a claim against a corporate defendant for breach of fiduciary duty resulting from a material action. A material action taken by a corporate actor covered by this bill includes an action taken primarily in response to a state law, state regulation, or state legislation relating to the manner in which elections are conducted in the state, protecting religious freedom, or limiting the availability of abortion services; an action to promote certain social issues; or other actions unrelated to the company's pecuniary interest. Actions not covered by this bill include charitable contributions, certain exercises of religion, activity related to national security, and the limitation of business with certain nations and entities.
AbortionAdministrative law and regulatory proceduresBusiness ethicsCivil actions and liabilityCorporate finance and managementElections, voting, political campaign regulationFinancial services and investmentsReligionSecuritiesSecurities and Exchange Commission (SEC)State and local government operations